Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of onshore rig service company Key Energy Services, (NYSE:KEG) fell 16% today after updating second quarter guidance.

So what: Management said that second quarter revenue would be down about 2% from the first quarter and net loss would be $0.14-$0.15 per share before goodwill and asset impairment charges. They also expect to record a $30-$35 million pre-tax charge for goodwill and asset impairments related to their Russian operations.  

Now what: To make matters worse, analysts at Howard Weil downgraded the stock today to sector perform, which may not even be enough considering the bad performance. Given the continued losses and investigations into violations of the U.S. Foreign Corrupt  Practices Act in both Russia and Mexico I think this is a stock to stay away from. There's just too much risk and too little positive news to be a buyer right now.